Warren Buffett’s 1984 essay "The Superinvestors of Graham-and-Doddsville"

E405004

Warren Buffett’s 1984 essay "The Superinvestors of Graham-and-Doddsville" is a landmark piece arguing for the effectiveness of value investing by showcasing the long-term success of several Graham-trained investors as evidence against market efficiency.

All labels observed (1)

How this entity was disambiguated

Statements (44)

Predicate Object
instanceOf essay
financial essay
arguesAgainst efficient market hypothesis
associatedWith Columbia Business School value investing tradition
Graham-and-Dodd school of investing
author Warren Buffett
basedOnIdeasOf Benjamin Graham
David Dodd
centralClaim A group of value investors with a common intellectual origin has outperformed the market over long periods
Such persistent outperformance is unlikely to be due to chance if markets are fully efficient
conclusion Market prices are not always efficient
Value investing can systematically beat the market
critiques random walk theory of stock prices
strong forms of the efficient market hypothesis
emphasizes buying stocks below intrinsic value
concentrated portfolios
fundamental analysis of businesses
independent thinking in investing
long-term investment horizon
margin of safety
illustratesWith Buffett’s own investment record
investment record of Walter Schloss
investment record of other Graham disciples
investment record of the Sequoia Fund
influenced debate on efficient markets in academic finance
value investing community
language English
mainSubject investment performance
market efficiency
value investing
notableFor defense of Graham-style value investing
empirical challenge to market efficiency
use of real-world track records instead of theoretical models
oftenCitedIn critiques of the efficient market hypothesis
value investing literature
publicationYear 1984
supportsTheory value investing is effective
targetAudience finance academics
investors
students of investing
titleReferences Heilbrunn Center for Graham & Dodd Investing
surface form: Graham-and-Dodd value investing school

Security Analysis
usesEvidenceFrom long-term investment performance data
track records of Graham-trained investors

How these facts were elicited

Referenced by (1)

Full triples — surface form annotated when it differs from this entity's canonical label.

Walter Schloss mentionedIn Warren Buffett’s 1984 essay "The Superinvestors of Graham-and-Doddsville"